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Norfolk Southern

NSC · Industrials

Last earnings Oct 22, 2026

Key results

Revenuequarter

$3.1 billion

For the quarter, revenue was $3.1 billion, income from railway operations was $1.1 billion, operating ratio was 64.6%, and diluted earnings per share were $3.16.

SEC original ↗Norfolk Southern — Earnings release (8-K exhibit)EX-99Oct 23, 2025

EPSquarter

$3.16

For the quarter, revenue was $3.1 billion, income from railway operations was $1.1 billion, operating ratio was 64.6%, and diluted earnings per share were $3.16.

SEC original ↗Norfolk Southern — Earnings release (8-K exhibit)EX-99Oct 23, 2025

After adjusting the results to exclude merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio incident, third quarter income from railway operations was $1.1 billion, the operating ratio was 63.3%, and diluted earnings per share were $3.30.

SEC original ↗Norfolk Southern — Earnings release (8-K exhibit)EX-99Oct 23, 2025

Third Quarter Summary Railway operating revenues of $3.1 billion, an increase of $52 million, or 2%, compared to the third quarter 2024, on flat volumes.

SEC original ↗Norfolk Southern — Earnings release (8-K exhibit)EX-99Oct 23, 2025

Norfolk Southern Corporation | 1 Diluted earnings per share were $3.16, down from $4.85 in third quarter 2024 which included the aforementioned railway line sales.

SEC original ↗Norfolk Southern — Earnings release (8-K exhibit)EX-99Oct 23, 2025

Growthquarter

up $0.05

Adjusting for merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio incident, diluted earnings per share were $3.30, up $0.05, or 2%, compared to adjusted third quarter 2024.

SEC original ↗Norfolk Southern — Earnings release (8-K exhibit)EX-99Oct 23, 2025

AI analysis

Q3 2025 · reported Oct 23, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Revenue · Q3 2025
$3.1B
EX-99 · Oct 23, 2025
EPS · Q3 2025
$3.16
EX-99 · Oct 23, 2025
Growth · Q3 2025
up $0.05
EX-99 · Oct 23, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
Revenue$3.1 billion——
EPS$3.16——
Growthup $0.05——

EX-99 · Oct 23, 2025

Guidance · company-stated

No guidance located in the held release

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Stock Repurchase Program We repurchased and retired 2.2 million shares of common stock under our stock repurchase program in the first nine months of 2025 at a cost of $533 million, inclusive of accrued excise taxes, while we did not repurchase any shares of common stock in the first nine months of 2024.

Certain RSU grants include cash dividend equivalent payments during the restriction period in an amount equal to the regular quarterly dividends paid on Common Stock.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Norfolk Southern Corporation (NYSE: NSC) announced Thursday its third quarter 2025 financial results

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

Stock Repurchase Program We repurchased and retired 2.2 million shares of common stock under our stock repurchase program in the first nine months of 2025 at a cost of $533 million, inclusive of accrued excise taxes, while we did not repurchase any shares of common stock in the first nine months of 2024.

SEC original ↗Norfolk Southern — Earnings release (8-K exhibit)EX-99Oct 23, 2025

Certain RSU grants include cash dividend equivalent payments during the restriction period in an amount equal to the regular quarterly dividends paid on Common Stock.

SEC original ↗Norfolk Southern — 10-Q Quarterly report10-QOct 22, 2026

For purposes of computing basic earnings per share, dividend equivalent payments made to holders of stock options and RSUs were deducted from net income to determine income available to common stockholders.

SEC original ↗Norfolk Southern — 10-Q Quarterly report10-QOct 22, 2026

For purposes of computing diluted earnings per share, we evaluate on a grant-by-grant basis those stock options and RSUs receiving dividend equivalent payments under the two-class and treasury stock methods to determine which method is more dilutive for each grant.

SEC original ↗Norfolk Southern — 10-Q Quarterly report10-QOct 22, 2026

For those grants for which the two-class method was more dilutive, net income was reduced by dividend equivalent payments to determine income available to common stockholders.

SEC original ↗Norfolk Southern — 10-Q Quarterly report10-QOct 22, 2026

Stock Repurchase Program We did not repurchase shares of Common Stock under our stock repurchase program in the first nine months of 2026, while we repurchased and retired 2.2 million shares of Common Stock at a cost of $ 533 million in the first nine months of 2025, inclusive of accrued excise taxes.

SEC original ↗Norfolk Southern — 10-Q Quarterly report10-QOct 22, 2026

Strategy & priorities

The entire Thoroughbred team pulled together to serve our customers, achieve an all-time record in fuel efficiency, delivered on key productivity initiatives, and executed a noteworthy land sale that will ultimately deliver rail volumes for years to come.

SEC original ↗Norfolk Southern — Earnings release (8-K exhibit)EX-99Oct 23, 2025

Risks & headwinds

Fuel surcharge revenue declined $30 million compared to third quarter of 2024, which represents a 1% headwind to overall revenues.

SEC original ↗Norfolk Southern — Earnings release (8-K exhibit)EX-99Oct 23, 2025

These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements.

SEC original ↗Norfolk Southern — Earnings release (8-K exhibit)EX-99Oct 23, 2025

Legal Proceedings 37 Item 1A.

SEC original ↗Norfolk Southern — 10-Q Quarterly report10-QOct 22, 2026

A performance obligation is created when a customer under a transportation contract or public tariff submits a bill of lading to us for the transport of goods.

SEC original ↗Norfolk Southern — 10-Q Quarterly report10-QOct 22, 2026

Commitments and Contingencies We and/or certain subsidiaries are subject to numerous lawsuits, inquiries, investigations and other claims and proceedings relating principally to railroad operations.

SEC original ↗Norfolk Southern — 10-Q Quarterly report10-QOct 22, 2026

We routinely review relevant information with respect to our lawsuits, inquiries, investigations and other claims and proceedings and update our accruals, disclosures and estimates of reasonably possible loss based on such reviews.

SEC original ↗Norfolk Southern — 10-Q Quarterly report10-QOct 22, 2026

Documents

Earnings deck slides

1 deck with slide view

Norfolk Southern — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Norfolk Southern — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

RELX (RELX) IndustrialsThomson Reuters (TRI) IndustrialsFedEx (FDX) IndustrialsVertiv (VRT) IndustrialsCanadian National Railway (CNI) IndustrialsAerCap Holdings (AER) IndustrialsCanadian Pacific Kansas City (CP) IndustrialsGeneral Dynamics (GD) Industrials

Filings

70 documents

Earnings releases

30 documents

Presentations

3 documents

Transcripts

0 documents

No transcripts for Norfolk Southern are held in this edition of the library.

Mentioned by

13 companies

Other tracked companies whose held documents mention Norfolk Southern by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.